When the City emerges from bankruptcy, they will have an opportunity to be the next great story of American endurance and ingenuity. . . Or they can continue to be the story of Liberal failure. Michael Schaus weighs in on the potential behind Detroit’s fiscal woes.
Not that I'm optimistic. . . But. . . Detroit could quickly become a tale of American excellence – rather than a tale of the welfare-state’s incompetence.
On Friday, a Michigan Circuit Judge Rosemarie Aquilina ruled Detroit bankruptcy is unconstitutional. The whole point of bankruptcy court is to resolve debt issues that cannot be paid. It is impossible for Detroit to meet its pension obligations and the only way to resolve the issue is in bankruptcy court.
A Michigan judge, in a stunning display of impartiality and balance, said the bankruptcy should be withdrawn in part because it failed to honor “the (United States) president, who took (Detroit’s auto companies) out of bankruptcy.” Making the claim that President Obama saved the Auto Industry is like saying Neville Chamberlin saved Britain.
The Detroit bankruptcy is a good thing, and it will be even better when numerous other cities, bankrupted by public union greed, do exactly the same thing.
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